Maldives Tourism Development Corporation (MTDC) has announced that preparations are underway to commence development of Haa Dhaalu atoll Naagoashi as a resort in the last quarter of this year. The island has remained undeveloped for a period of 17 years.
Maldives Tourism Development Corporation (MTDC) has announced that preparations are underway to commence development of Haa Dhaalu atoll Naagoashi as a resort in the last quarter of this year. The island has remained undeveloped for a period of 17 years to date despite having been granted for tourism.
Speaking during MTDC's Annual General Meeting held last night in Manhattan Business Hotel, MTDC Managing Director Ahmed Niyaz said that although the development of Naagoashi has been a project which met with multiple obstacles and challenges, currently preparations are being completed to ensure work commences at the island later this year.
"Our aim is to commence work at Naagoashi in the fourth quarter of this year," he said.
He emphasized that MTDC aims for the successful completion of this project which has faced multiple challenges so far.
Initially, the development of Naagoashi as a resort was contracted to Russian company Threek International Pvt Ltd in 2007. This sublease was terminated in 2016 following failure to complete construction and to pay rent. MTDC had planned to develop a 600 bed resort on the island.
At the time of termination, 37 percent of the work on Naagoashi had been completed, with villas, restaurants and other structures nearly ready.
In 2017, the government took back Naagoashi from MTDC. However, in 2020, the island was once again handed over to MTDC under a new lease.
At the time, MTDC entered into an agreement with Dubai's Galadari Holdings to develop the resort. This agreement was terminated last year after failure to complete any work in the intervening years.
The termination of this sublease caused MTDC's revenue to also decrease.
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